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Company Accounts

20 Questions  I  By Sweetsalman123
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1.  Wright Ltd. Issued 40000, 8% debentures of Rs.10 each at par which are redeemable after 8 years atapremium of 20%. The amount of loss on redemption of debentures to be written off every year will be 
A.
B.
C.
D.
2.  Lai & Co. Ltd has issued 15% debentures on 1st January 2004 for Rs.2,00,000. Interest if payable on 31st March and 30 September every year. Amount of outstanding interest on 31st December 2005 will be  
A.
B.
C.
D.
3.  The Promising Co. Ltd. took over assets of Rs. 3,50,000 and liabilities of Rs.30,000 of X Ltd. for a purchase consideration of Rs. 3,30,000. The Promising Co. Ltd. paid the purchase consideration by issuing 12% debentures of Rs. 100 each at 10% premium. No. of Debentures issued will be  
A.
B.
C.
D.
4.  Tarun Ltd purchased building from Varun Ltd for a book value of Rs.400000. The consideration was paid by issue of 12% debentures of Rs.100 each at a discount of 20%. The debenture account will be credited
A.
B.
C.
D.
5.  Mr. Sharma holding 1000 equity shares of Rs.10/-each issued at a discount of 10% could pay Rs.3.50 on application, but could not paid the allotment money of Rs.2.5 per share and his shares were forfeited. In the books of the company, shares forfeited account will be credited by  
A.
B.
C.
D.
6.  Alfa Ltd. issued 20,000, 8% debentures of Rs.10 each at par. The debentures are redeemable at a premium of 20% after 5 years. The amount of loss on redemption of debentures should be:  
A.
B.
C.
D.
7.  AB Ltd issued 50,000 equity shares of Rs.100 each at a premium of Rs.10 payable at Rs.30 on application Rs.30 on allotment and balance in the first call. Application received for 1,00,000 equity shares but the company issued to them only 50,000 shares. Excess money was refunded to them after adjustment for further calls.Last call on 1,000 shares were not received and were forfeited after due notice. The above is the case of 
A.
B.
C.
D.
8.  DBM Ltd issued 7,000, 5% debentures of Rs.100 each at a discount of 6%, redeemable at a premium of 5% after 5 years payable as Rs.50 on application and Rs.44 on allotment. Total amount of discount/loss on issuec Of debenture will be  
A.
B.
C.
D.
9.  Prakash Ltd. issued 15,000,15% debentures of Rs.100 each at a premium of 10%, which are redeemable after 10 years at a premium of 20%. The amount of loss on redemption of debentures to be written off every year is  
A.
B.
C.
D.
10.  Discount on issue of debentures is a____________  
A.
B.
C.
D.
11.  Jadu Ltd. reissued 2,000 shares, which were forfeited by debiting Share for feiture account by Rs.3,000. These shares were reissued Rs. 9 per share. The amount to be transferred to Capital Reserve account will be  
A.
B.
C.
D.
12.  A share of Rs.200 each issued at discount of 10% is forfeited for non­payment of final call @ Rs.50 per share. The maximum loss it can bear in the re-issue of shares will be  
A.
B.
C.
D.
13.  Can forfeited shares be reissued at a discount? If yes, what is the allowable maximum discount.  
A.
B.
C.
D.
14.  T Ltd. purchased land and building from U Ltd. for a book value of Rs.2,00,000. The consideration was paid by issue of 12% Debentures of Rs.100 each at a discount of 20%. The debentures account will be credited with  
A.
B.
C.
D.
15.  Interest 10,000 received on debentures redemption Fund investment will be  
A.
B.
C.
D.
16.  X Ltd. purchased the business of Y Ltd. for Rs. 90,000 payable in fully paid shares of 10 each; shares were issued at a premium of 25%. Number of shares issued against purchased consideration will be - 
A.
B.
C.
D.
17.  Green Ltd. Issued 5,000, 6% debentures of Rs.100 each at a discount of 5% repayable after 5 years at a premium of 5%. Total loss on issue of debentures will be         
A.
B.
C.
D.
18.  The following information pertains to Suraj Ltd. Equtiy share capital called up           Rs.5,00,000 Calls in arrears                                    Rs.40,000 Calls in advance                                  Rs.25,000 Proposed dividend                                   15% Amount of dividend payable is 
A.
B.
C.
D.
19.  As per table A of the companies Act 1956, a company can charge interest on call in arrears at the rate of  
A.
B.
C.
D.
20.  A company forfeited 1,000 shares of Rs.10 each(which were issued at par) held by Mr.John for non-payment  of allotment money of Rs.4 per share.The called-up value per share was Rs.8 .On forfeiture,the amount debited to share capital will be 
A.
B.
C.
D.
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